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Airtricity makes 7.8m from disposal of wind farm stakes

AIRTRICITY, the wind energy company backed by NTR and Sean Quinn, made a €7.8m profit last year on the sale of stakes in two wind farms.

The Sandyford-based company, headed by Eddie O’Connor, sold its Snugborough wind farm in Co Cavan to Sean Quinn and 49% of its Ardrossan wind farm in Scotland to Viridis Capital, an Australian-based investment fund. The energy company retains a 51% equity stake and full management control in Ardrossan, which opened last August, while its Northern Ireland supply business agreed a deal with Quinn to buy power from Snugborough for the next five years.

Details of the sales are published in the company’s annual report, which was sent to investors last week. It shows that turnover rose by 37% from €92m to €127m while its net profit for the year doubled to €2.8m. Shareholders waived €4.3m in accumulated dividends that was being held in a